As a General Rule, One Can Use the Normal Distribution

question 157

True/False

As a general rule, one can use the normal distribution to approximate a binomial distribution whenever nπ and n(π - 1) are at least 5.

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Definitions:

Resource Heterogeneity

Resource heterogeneity is the concept in strategic management that resources and capabilities differ across firms, which can lead to competitive advantages.

Supplier Power

The influence that suppliers have over the price and quality of goods and services, often determined by the number of suppliers in the market.

Switching Costs

The costs associated with changing from one product, service, or supplier to another, including financial, effort, and time expenses.

Buyer Power

The influence that purchasers have over the price and terms of purchase, which can affect market dynamics and pricing strategies.